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An executive's employment agreement typically will set an effective date and state that the initial term of employment will be for a period of years subject to earlier termination under other provisions of the agreement.
An executive compensation agreement is a binding contract between a company and one of its most important and powerful employees.
The contract terms should accurately reflect the parties' preliminary agreements concerning compensation, bonuses, conditions to payment, annual increases, and the timing for payments.
COOs come in many varieties. It is important to put in place a COO employment agreement that clearly delineates your role, your compensation, severance and other terms of employment. An experienced executive employment attorney can help you navigate the negotiations and help you protect your interests and career.
Term. Often, the initial term of a CEO contract is between two and five years. A key factor to consider is the variety of ways in which the term can end before the contract expires. The term and termination provisions are intimately intertwined and need to be coordinated.